Arnold Out of Planet Hollywood Orbit

By: Marcus Errico

This time the Terminator won't be back.

Arnold Schwarzenegger announced Tuesday that he was ending his association with Planet Hollywood, the troubled theme-restaurant chain he helped launch nine years ago with A-list pals Bruce Willis, Demi Moore, and Sylvester Stallone.

"It was lots of fun and very challenging to come up with and develop the celebrity-restaurant concept on an international level", Schwarzenegger said in his statement.

"Of course, I am disappointed that the company did not continue with the success I had expected and hoped for. I wish Planet Hollywood well, but I want to focus my attention now on new U.S. and global business ventures - and on my movie career."

Arnold says he has sold his interest in the Orlando-headquartered company.

Curiously, the actor terminated his relationship just as Planet Hollywood emerged from bankruptcy protection.

On Friday, a federal judge approved the celeb-centered chain's bankruptcy plan. The approval will allow Planet Hollywood to operate with court protection while it restructures and sheds debt that it cannot repay, without totally liquidating the business. Founder and CEO Robert Earl was also allowed to stay aboard.

The company, which has had money trouble for years due to overexpansion (and overpriced, crummy food), will now operate just 21 restaurants in the United States and 10 abroad, down from 78 at the height of its popularity. (The chain recently shuttered several outlets, including its Beverly Hills bistro, the company's only actual Hollywood-area eatery.)

After the judge's approval, Earl said he would announce a new roster of celeb endorsers in the next few weeks.

A Schwarzenegger rep says there was no link between Earl's statement and Arnold's decision to discontinue his ownership stake in Planet Hollywood. According to the actor's statement, he just decided not to re-up his contract with the chain.

No immediate comment from Planet Hollywood on the Schwarzenegger defection.